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Quigley. v. Wilson
Iowa Court of Appeals
474 N.W.2d 277 (1991)
In 1980, Lester Quigley Sr. (Quigley Sr.) sold his farm to Donald and Janis Wilson (defendants), who mortgaged the farm back to Quigley Sr. When the farm stopped producing revenue, drastically reducing the farm’s value, the Wilsons found themselves unable to continue making mortgage payments. Over the next several years, the Wilsons, Quigley Sr., and his lawyer negotiated a modification to the sales contract, memorialized and recorded in 1986, whereby the farm’s sale price and the Wilsons’ mortgage payments were substantially reduced. The Wilsons complied with the 1986 contract in all respects. Although Quigley Sr. was mentally competent in 1986, he later made his children, Lester Quigley Jr. and Veronna Kay Lovell (the conservators) (plaintiffs), his conservators. The conservators filed a suit seeking a declaratory judgment that the Wilsons had defaulted on the 1980 contract and that the 1986 modification was invalid for want of consideration. The trial court ruled that the modification was valid and granted judgment for the Wilsons. The conservators appealed to the Iowa Court of Appeals.
Rule of Law
Holding and Reasoning (Oxberger, C.J.)
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